Business

Illinois Receives 2 Bids In Sale Of Dilapidated Thompson Center

by Sloan T. Wilson, The Chicago Times

October 12, 2021

CHICAGO — According to state authorities, two offers have been received for the 1.2 million square-foot Thompson Center at 100 W. Randolph St.

The specifics of the ideas will not be published until a winning plan is chosen.  J. B. Pritzker, the governor, is likely to select one of the bids before the end of the year.  The transaction might be completed as early as April 2022.

In May, Pritzker issued Requests for Proposals for the sale of the Thompson Center.

“The sale of the Thompson Center has been discussed for nearly 20 years and we are taking another important step to making it a reality . . . selling the property provides a unique opportunity to maximize taxpayer savings, create thousands of union jobs, generate millions of dollars in real estate taxes to benefit the City of Chicago and spur economic development.” Pritzker said in a statement.

According to the state, bringing the 1.2 million square foot facility up to date would cost more than $325 million.  Additionally, it is estimated maintenance and restoration would exceed $525 million by 2026.

Illinois rents office space in seven Chicago Loop locations for $21.3 million per year in base rent and operational expenditures.  The state now occupies roughly 780,000 square feet of Thompson Center space.

The Thompson Center, designed by the late Helmut Jahn, opened in 1985 and encompasses a whole city block of valuable real estate.

Categories: Business, Special Report

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